Half of the world's largest cities will face climate risks by 2050.

Half of the planet's largest cities will be at risk of one or more climate hazards by 2050, according to the latest report by the London Stock Exchange Group (LSEG). Euronews. Floods, heat waves, cyclones and water shortages will increasingly hit these densely populated centers unless greenhouse gas emissions are brought under control.

LSEG's 'Net Zero Atlas' report sets out what level of emissions reductions countries should aim for to avoid similar climate catastrophes ahead of the next round of Nationally Determined Contributions (NDCs) due early next year .

“The cities in our study – centers of the global economy, which contribute almost 20% of global GDP and are home to 440 million people – are particularly at risk from the climate. The impacts are already starting to materialize at just 1,3C warming,” says LSEG Global Head of Sustainable Investment Research Yaako Kooroshi.

Those climate impacts were felt on a shocking scale in the Spanish city of Valencia this week, where a year's worth of rain fell in eight hours on Tuesday, causing deadly floods that claimed more than 200 lives.

Major European cities will face increasing climate hazards

LSEG predicts that global warming will reach 2,6°C under current policies. The UN Environment Program pegs it at 2,6°C to 2,8°C by the end of the century if current commitments are met. Under this high-emissions scenario, the proportion of the world's 49 largest cities with high-risk exposure would increase from less than one in five (18%) to almost one in two (47%).

Major cities in the Middle East and Southeast Asia will bear the brunt of this crisis, according to the LSEG report. Six cities in these regions – Singapore, Surabaya, Dubai, Riyadh, Jeddah and Jakarta – are expected to experience more than 50 days of extreme heat per year by 2050.

In the EU, analysts highlight the increasingly precarious position of Amsterdam and Madrid. The low-lying Dutch capital faces a high risk of sea level rise and flooding, which could increase by 60% despite the city's defences.

In Madrid, heatwave days could jump by 135% to a "medium-risk" number of 41 days by 2050. In addition, the Spanish capital's water deficit is projected to increase by 65%, becoming high-risk by 2050.

When it comes to reducing emissions, the EU is not doing enough to protect its cities. LSEG estimates that the bloc will exceed its emissions budget as early as 2035. Capitalizing on Europe's wind energy potential is seen as a strong way to improve its energy outlook.

Meanwhile, London and Manchester are in the UK spotlight. The capital is currently considered low-risk for major physical hazards, but is expected to experience a 22% increase in water stress by mid-century. Extreme heat in London is expected to more than double from 11 to 25 days each year.

While remaining generally low risk, Manchester will nevertheless experience climate change with a 93% increase in heatwaves and a 45% increase in water stress.

How can big cities increase their resilience?

“As COP29 approaches, G20 countries must urgently reduce emissions to prevent rapid escalation of climate hazards. The next wave of national climate commitments will be crucial. Nevertheless, even if the worst impacts of climate change can be prevented, significant investment will be needed to adapt cities to new climate extremes,” says Kooroshi.

LSEG has outlined a range of adaptation strategies that cities can implement, from life-saving early warning systems and fortifications to nature-based solutions.

For example, structures such as sea walls, flood barriers and drainage systems can moderate storm surges, allowing cities like Amsterdam to thrive for centuries despite the extreme risk of flooding.

Similarly, cities are increasingly realizing the value of green infrastructure – green parks, green corridors and wetlands – as it helps manage flooding and reduces the urban heat island effect.